Government quiet on power crisis windfall

State Owned Enterprises Minister Mark Burton is refusing to say how much Government-owned electricity companies are making from the power crisis.

The Government will receive a cut of profits from Meridian Energy, Genesis and Mighty River Power - all of which were believed to be profiting from increased power to consumers as a result of low lake levels.

But Mr Burton said: " ... audited financial accounts for all SOEs, including the three generation companies, will be tabled in the House when available as prescribed by the SOE Act."

National deputy leader Bill English last week said he believed Genesis was making profits of about $2 million a day. The positions of Meridian and Mighty River Power were less clear, but without information, suspicion would hang over their heads that they were making "super-profits", Mr English said.

Meanwhile, power savings remain just below the Government's 10 per cent target. The figure reported for Tuesday was 8.7 per cent.

- NZPA

Feature: Electricity

Energy Efficiency and Conservation Authority